Bill Number: OK51RSB  636                           Date: 02-22-2007

        SENATE FLOOR VERSION

        

                                  THE STATE SENATE

  1                              Monday, February 26, 2007
 
  2                                 Senate Bill No. 636
 
  3                                     As Amended
 
  4           SB 636
 
  5           SENATE BILL NO. 636 - By: LAMB of the Senate and TERRILL of
 
  6     the House.
 
  7           [ revenue and taxation - modifying exemption from franchise
 
  8     tax - Department of Central Services - effective date ]
 
  9     BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
 
 10           SECTION 1.     AMENDATORY     68 O.S. 2001, Section 1205, as
 
 11     amended by Section 1, Chapter 388, O.S.L. 2005 (68 O.S. Supp. 2006,
 
 12     Section 1205), is amended to read as follows:
 
 13           Section 1205.  A.  In determining the amount of tax to be
 
 14     levied, assessed and collected under the terms of this Article, the
 
 15     maximum amount shall not exceed Twenty Thousand Dollars
 
 16     ($20,000.00).
 
 17           B.  If, as a result of the computation of tax required by
 
 18     Section 1209 of this title, the resulting liability is [Ten Dollars
 
 19     ($10.00)] Two Hundred Fifty Dollars ($250.00) or less, the
 
 20     corporation or other entity shall be exempt from the tax levied by
 
 21     Section 1203 or Section 1204 of this title for such reporting
 
 22     period.
 
 23           SECTION 2.  This act shall become effective January 1, 2008.
 
 24           COMMITTEE REPORT BY: COMMITTEE ON FINANCE, dated 2-20-07 - DO
 


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  1     PASS, As Amended and Coauthored.
 
  2     Req. No. \*Req. No.*\Page 1
 
  3     SB636 SFLR1State Senate
 
  4     (Bold face denotes Committee Amendments)
 
















































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